For applications in luminescent solar concentrators harvesting subgap photons, either via direct irradiation of solar cells with optimized band gap or via sensitization of an up-conversion process, exact knowledge and tunability of both the spectral shape and the intensity of the emission are of paramount importance. In this work, we investigate theoretically the photoluminescence spectra of colloidal core-shell PbSe/PbS QDs with type II alignments in the valence band. The method builds on a steady-state formulation of the non-equilibrium Greens function theory for a microscopic system of coupled electrons, photons and phonons interfaced with electronic structure calculations based on a k·p model for PbSe/PbS core-shell QDs. The resulting output spectral density of photons in a realistic QD ensemble is obtained via the renormalization of the incident spectrum according to the polarization of the system.